B Capital leads $50 Mn round in neobank Fi

B Capital leads $50 Mn round in neobank Fi

Neobanking startup Fi has secured roughly $50 million in what looks to be a Series B round lead by B Capital. This is the Bengaluru-based startup’s second round in 2021. It raised a $12 million Series A round in June.

According to regulatory filings with RoC, Fi has approved the allotment of 1 equity and 3,90,531 Series B CCPS with a face value of Rs 10 and a premium of Rs 9,485.25 per share to raise Rs 370.81 crore, or close to $50 million.
B Capital led the round with Rs 148.33 crore, followed by Ocean View Capital of Las Vegas, which contributed Rs 111 crore. Alpha Wave and Qcm Holdings have each invested Rs 74.16 crore and Rs 37.08 crore.

Former Google Pay executives Sujith Narayanan and Sumit Gwalani founded the two-year-old startup, that offers millennial-focused digital banking products such as savings accounts and debit card services.

Narayanan and Sumit Gwalani’s aggregate share has been diluted to 40.66 percent following the allocation of new shares. B Capital, the company’s lead investor, has increased its holding to 6.40 percent. Sequoia and Ribbit Capital continue to be the top investors, with each holding a 13.18 percent stake.

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